New Bill Targets Subprime Lenders' Unfair Practices
The Fair Mortgage Practice Act is meant to address a nationwide wave of foreclosures on mortgages, which many lawmakers have blamed on unscrupulous lenders. It was introduced by Spencer Bachus, a ranking member of the commitee, and Ohio Republican representatives Paul Gillmore and Deborah Pryce, who first proposed the bill.
“Homeownership should remain the American dream, not a...
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